Empirical Studies of the Demand for Cultural Services in South Korea
The purpose of this paper is to investigate the demand for cultural services in South Korea using annual data from the Household Income and Expenditure Survey over the recent 9 years. To that end, we employ QUAIDS model based upon neoclassical microeconomic theory and estimate the demands for disaggregated cultural services. This study tries to ascertain Korean households� responsiveness to price and expenditure changes as well as substitution and complementary relationships among cultural services. According to the results, the demand for cultural services in Korean households did sensitively respond to price and income changes and it was more sensitive to price than income. And it is found that both SR (Sports and Recreation) and CEP (cinema, exhibition and performing arts) are a mutually complementary, while both SR and CEP are mutually substitutes for BC (Broadcasting and Content).
Keywords- Cultural Demand, Income Elasticity, Price Elasticity, QUAIDS Model.